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Mt. Gox creditors to receive first cryptocurrency payment this month

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It is reported that according to a statement in January, with the arrival of the repayment window, the creditors of Mt. Gox may begin to see their first paymen…

Mt. Gox creditors to receive first cryptocurrency payment this month

It is reported that according to a statement in January, with the arrival of the repayment window, the creditors of Mt. Gox may begin to see their first payment in Bitcoin this month. It is expected that creditors will receive prepayment from March 10, and the deadline for completing such payment is September 30. This is the first repayment, including early lump-sum payment and intermediate payment, and more payments will be paid later. Payment will be made in a mixture of cryptocurrency (Bitcoin and Bitcoin cash) and legal tender. The first 200000 yen claimed by each creditor will be paid in yen. If the claim amount is greater than this amount and they choose cryptocurrency and cash, they will receive about 71% cryptocurrency and 29% cash after the initial payment.

Mt.Gox creditors will receive prepayment from March 10

Analysis based on this information:


The recent announcement that creditors of Mt. Gox may begin to receive their first payment in Bitcoin this month marks a significant milestone in the ongoing bankruptcy proceedings of the now-infamous cryptocurrency exchange. Mt. Gox, once one of the largest Bitcoin exchanges in the world, filed for bankruptcy in 2014 after around 850,000 Bitcoins were stolen by hackers. The value of the stolen cryptocurrency at the time was around $450m – a figure that has since ballooned to around $7bn due to the meteoric rise in Bitcoin prices.

Now, after years of complex legal wrangling and negotiations, Mt. Gox creditors are finally set to receive some of their lost funds back. According to the recent statement, creditors will begin receiving prepayments from March 10, with the deadline for completing such payments set for September 30. This first repayment includes early lump-sum and intermediate payments, with more payments set to follow in due course.

However, the repayment will not be straightforward – creditors will receive a mixture of cryptocurrency (Bitcoin and Bitcoin Cash) and legal tender, and the specific ratios depend on the size of their claim. The first 200,000 yen claimed by each creditor will be paid in yen, with any amounts above this level to be distributed in a 71% cryptocurrency, 29% cash split. It is expected that this will create significant demand for Bitcoin and Bitcoin Cash, both of which have seen their prices rise sharply over the past few months.

Overall, the news of Mt. Gox’s creditors receiving the first cryptocurrency payment is a positive step forward for the once-prominent Bitcoin exchange. While there are still many details to be worked out, it appears that the long wait for the return of the stolen funds may finally be over.

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